CBL CBL and Associates Properties Inc

CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it is now 100% leased and committed three months before it plans to celebrate the grand opening of Southaven Towne Center in Southaven, MS, just outside of Memphis, TN. The Company also announced nearly 25 new retailers and restaurants that will join the 438,000-square-foot open-air shopping center. Southaven Towne Center will feature two department stores -- Dillard's and JCPenney -- more than four large space retailers including Circuit City, Linens 'n Things and Pier 1, plus more than 45 small shop retailers and numerous restaurants. The shopping center will celebrate its grand opening this October and will welcome Dillard's in spring 2006. New retailers and restaurants planning to join Southaven Towne Center include Cost Plus World Market, Sportsman's Warehouse, Aeropostale, After Hours Formal Wear, American Eagle, Fox & Hound, BA Framer, Bath Junkie, Casual Corner, Cingular, City Gear, Crescent City, Da-Vi Spa, David's Bridal, GNC, Journeys, Justice, Kay Jewelers, Lifeway Christian, Logan's Restaurant, Lonestar, MasterCuts, PacSun and Yankee Candle. These new stores and restaurants, along with the retailers previously announced, will be among the top-name national, regional and local retailers at the shopping complex. "Our strong leasing team has once again been successful at securing some of the country's leading retailers at Southaven Towne Center," said Stephen Lebovitz, president of CBL & Associates Properties, Inc. "The tremendous interest we continue to receive from our retail partners speaks to the convenience and attractiveness of our open-air retail format and has spurred our interest in the development of a second phase. We have high expectations for Southaven Towne Center and look forward to its grand opening in October." Southaven Towne Center is expected to contribute approximately 1,000 jobs to the local economy and produce in excess of $100 million annually in retail sales. Located in the southeast quadrant of Interstate 55 and Goodman Road, the shopping center will feature an open-air pedestrian environment with extensive landscaping and a variety of stylish, eye-catching architectural elements. CBL & Associates Properties, Inc. owns and manages three enclosed regional malls in Mississippi including Bonita Lakes Mall in Meridian, Pemberton Square in Vicksburg and Turtle Creek Mall in Hattiesburg. CBL is the fourth largest mall REIT in North America and the largest owner of malls and shopping centers in the Southeast, ranked by GLA. CBL owns, holds interests in or manages 174 properties, including 72 enclosed regional malls. The properties are located in 30 states and total 75.7 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has eight projects under construction totaling approximately 1.5 million square feet including Southaven Towne Center. Other projects include another open-air shopping center located in Ft. Myers, FL, three community centers and three expansions. In addition to its office in Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA. Additional information can be found at http://cblproperties.com. Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties.